Huge Oil Field Discovered in Mexico

Mexico announces biggest onshore oil discovery in 15 years

Pemex, Mexico’s largest national oil company, has made its biggest onshore oil discovery in 15 years. The find of nearly 1.5 million barrels of crude came while drilling its onshore Ixachi well, located in the Veracruz basin. The overall field is estimated to hold an additional 350 million barrels in oil reserves.

President Enrique Pena Nieto, who made sweeping energy reforms in 2013 which ended Pemex’s decades long monopoly, made the announcement at the company’s Tula refinery last week.

This is the third major oil find announced in Mexico this year. Luckily the well is located close to existing infrastructure and full-scale production of the oil field should begin by the end of 2018.

Gonzalez Anaya, a spokesman for the company, said in a statement that the company is not yet sure whether it will develop the field by itself or seek out an equity partner.

“We’re just now announcing the field’s discovery, and still need to delimit it as well as establish a development plan” he said. [read more]